02.08.201312:08 Forex Analysis & Reviews: EUR/JPY H1 analysys for 02/08/2013

General overview for 02/08/2013 09:30 CET:

The corrective wave (c) of wave (ii) to the upside went above 61% Fibo level and currently stalled just a shy of 78% Fibo and Weekly Resistance Pivot Level 1 at 131.90. It is possible that the target for this wave is 78% Fibo at 132.00 and this would end a five wave corrective rally in this last wave (c) to the upside. Whatsoever, the whole corrective structure would be in shape of (a)(b)(c) Irregular Flat correction. If this is the correct labeling, then slowly but surely lower prices will come, taking out the recent swing low at 129.32.

Only a break higer, through the recent swing high at 132.72 would invalidate the view and then the alternate count of 1-2,(i)-(ii) would be in play.

Support/Resistance:

132.72 - Swing High

131.90 - 132.00 - WR1 | 78%Fibo | Intraday Resistance Zone |

131.42 - 61% Fibo

130.98 - Weekly Pivot

130.75 - 130.98 - Intraday Support Zone

129.33 - Intraday Support level | Swing Low |

129.23 - WS1

Trading recommendations:

Let's try again to sell the Intraday Resistance Zone at 131.90 - 132.00 with SL above the swing high and potental TP below 129.32 level. This kind of trade produces min. R/R 4:1 for a Swing Trade.